ACC101 INTRODUCTION TO ACCOUNTING
COURSE OUTLINE
SEMESTER: FALL 2015/16
Faculty Member’s Details:
Name:
Office Hours:
Email:
Web Site:
Mr. Yiannis Papamichael
By Appointment/ as per class session
[email protected]
http://www.cdacollege.ac.cy/site/business-studies/index.htm
Course Description
This course provides an introduction to the field of accounting and to the use of
accounting information as a basis for business decision. It provides students with a
better understanding of the environment in which accounting information is
developed and used. This course concentrates on a user-oriented approach thus
enabling students to become life – long information users. More emphasis is placed
on interpretation and use as opposed to the preparation of accounting information.
Students will be exposed to the use of accounting software, and will be able to do
practical work.
Learning Outcomes
By the end of the course, students are expected to be able to:
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Describe the special nature of the accounting views of an organisation – in
particular views of financial position and progress.
Understand the key financial classifications used by accountants to report the
activities of a business.
Appreciate how accountants begin to determine the profit earned by the
business and how accounting values are attached to the assets of the business.
Understand the content and the structure of the Income Statement and the
Statement of Financial Position.
Apply simple rules for recording transactions within an accounting framework.
Prerequisite(s): None
Types of Course: Compulsory for Bachelor in Business Studies
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Teaching Methods and Educational Activities
Lectures, presentations, problem and case studies discussion, articles discussion,
independent and private study, preparation of projects, fieldwork and individual
work.
Course Teaching Hours
39 hours a semester. The course is delivered during a 13-week semester.
Assessment method and weight
50% coursework and 50% final examination. Coursework can be one or more of the
following: mid – term examination, tests, assignments and projects. Passing mark
50%.
Assessment
Class Participation/Tests:
Assignments/Case Studies:
Mid-term examination:
Final examination:
10%
10%
30%
50%
Assignments: The students will be assigned to carry out a theoretical research/task in the
existing Accounting text over the topics covered in the course outline, or to carry out an
exercise using the Internet. The faculty member will determine the character of the
assignment. The students are requested to deliver their assignments on an individual or
group basis and on time-based on specific instructions supplied. Although collaboration
among the students for the preparation of the assignments is encouraged, students should
avoid copying/plagiarism. Presentations of results and discussions over the assignments will
follow, based on specific instructions.
Mid-term examination: The mid-term examination will be of two hours. It will consist of
Accounting Exercises and Theory, the topics and level, of which, have been covered
according to the learning outcomes timetable.
Final Examination: The final examination will be of two hours. It will be comprehensive
and it will test the students on the material covered during the semester.
Business Administration Grading System
% Grade
Grade
90-100
80-89
75-79
65-74
60-64
55-59
50-54
Below 50
A
B+
B
C+
C
D+
D
F
Grade
Meaning
Grade Points per
Credit
Excellent
4.00
Very Good
3.50
Good
3.00
Above Average 2.50
Average
2.00
Below Average 1.50
Poor
1.00
Failure
0.00
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Required Textbook
Title:
Author(s):
Publisher:
Edition:
Year:
ISBN:
Accounting: The Basis for Business Decisions
Robert F. Meigs
McGraw-Hill
8th
1990
0-07-041689-3
Additional Reading, Textbooks, References, Other Bibliography
Walter B. Meigs
:
Accounting: The Basics for Business Decisions
Robert F Meigs McGraw Hill
Frank Wood
:
Business Accounting Vol.1
Longman
Alan Pizzey
:
Accounting and Finance
Holt, Rinehart and Winston
LEARNING OUTCOMES TABLE/TABLE OF CONTENTS
Week
s
1
2
3-4
5
Learning Outcomes and Content of the Course
Introduction to Accounting
The purpose of accounting, The financial reporting process, financial
statements, and the function of an accounting system, The nature of accounting
principles, Organisations influencing accounting practice, Financial Statements,
Statement of Financial Position - the effects of business transaction on the
accounting Equation
Business Organisations
Forms of business organisations, Sole proprietorships, Partnerships, Corporation.
The use of financial statements by outsiders.
Recording Changes in Financial Position
The double – entry basis of recording economic transaction and events, and the
concepts, conventions and principles associated with this technique, the
application of book-keeping to the transaction of business organisation,
especially the methods of recording, accounting classification, balancing of
accounts and financial statements preparation emphasizing the kinds of
information presented in each.
Journal Entries
The purpose of journal entries in relationship to the ledger and to record
common business transaction by posting information from the journal to the
ledger accounts. Trial balance, use and limitations. Measuring Business
Income.
3
6–7
Recording Changes in Financial Position
Preparing a ‘set’ of Financial Statements, Statement of Financial Position,
Income Statement, Statement of owner’s equity, and the relationship amongst
them, closing the temporary accounts.
8
Completion of the Accounting Cycle
Accounting periods and financial statements transactions affecting more than
one accounting period, characteristics of adjusting entries, apportioning
recorded costs, unearned revenue, unrecorded expenses, unrecorded revenue,
preparation and use of the work sheet.
9
The Control of Cash Transactions
Reporting cash in the Statement of Financial Position, Statements of cash flows
Management Responsibilities relating to cash, cash balances and corporate
dividends, internal control over cash, cash balances and corporate dividends,
internal control over cash, cash management: the need and preparation of bank
reconciliation statements.
10
11
Mid Term Examination
Accounts Receivables
Prepare estimates of uncollectible accounts receivable, write off any accounts
known to be uncollectible and record any later recoveries. Compare the
allowance method and the direct write–off method of accounting for
uncollectible accounts. Identify ways of converting receivables quickly into
cash such as factoring. Computation of the accounts receivable turnover rate.
Explain the importance of the ratio.
Notes Receivables
Examine the characteristics of promissory notes and the nature of interest.
Accounting for notes receivable.
11
12
Cash: Plant and Equipment, Depreciation and Intangible Assets
Determine the cost of tangible assets, distinguish between capital expenditure
and revenue expenditures, explanation of the relationship between depreciation
and the matching principle, various methods of calculating depreciation such as
straight line, units-of-output, declining balance, and sum-of-the-years’ digits,
record of a plan asset.
13
Revision for the Final examinations
4
OTHER INFORMATION:
Class attendance: Students are expected to attend the classes regularly and be punctual.
Regular checks will take place for execution of homework and other independent studiesassignments-aided towards the understanding of key learning outcomes.
Office hours: Students are encouraged and advised to visit regularly their instructor during
the office hours (by appointment) and discuss promptly any issues that seem to be important
for students ‘welfare’, understanding of course material or other issues that deem to be
important for the completion of the course.
Humane matters: Inform your faculty member for any un-expectancies that may occur, thus
not allowing you to carry out your responsibilities and be promptly in class lessons.
Library: You are advised to visit regularly the library of our College and read articles
published in academic journals. I recommend you studying regularly among others, English
articles of your interest, as a means of improving your understanding of English language and
skills, as well as, discussing/expressing views (during class discussions) on current
economic/financial/accounting trends and worldwide developments.
IMPORTANT NOTES:
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Class attendance and participation in class activities (with all that is precluded), is
expected and absences will affect your final grade.
The due dates for assignments/projects/case studies are non-negotiable and late work
will be penalized.
All assignments/homework/case studies are to be ‘up to bachelor level’ in appearance
and structure based on strict guidelines and specifications supplied by the instructor.
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